Using Technology to Managr Information

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Unlocking KeyCorp's Customer Datadase for Greater Profits
Cleveland-based KeyCorp(http://www.keybank.com) wondersd why its per-customer profitability was below average, even though it spent a considerable amount on marking campaigns. The bank's executives knew that 18percent of its customers generated 82percent of bank revenue-but not which customers were the most profitable, the products they used, or which products to promote to different customer groups. Instead of targeting promotions effectively, salespeople based sales tactics on intuition, rather than hard data.
KeyCorp turned to a state-of the art data warehouse, a collection of data that supports management decision making, to solve these problems Housed on its own IBM mainframe computer, the data warehouse consolidates all customer and prospect information from 40separate database. The data warehouse's customer profiles include 150 factors-from name and age to loan balances. services used, and frequency of automatic teller machine(ATM) usage. It is now the central information sourse for sales and marking decisions throughout the bank.
With specialized software designed for financial services companies, KeyCorp marketing personnel look for hidden patterns and relationships in a group of data. They query the data warehouse to get answers to question like:
● What kinds of customers purchase each KeyCorp product, when, and why?
● Who are the most profitable and least profitalble customers?
● What distribution channels do different customers prefer?
● What would cause a customer to leave KeyCorp?
KeyCorp marketers work with technology perconnel to get information to analyze consumer behavior and produce lists of customers most likely to respond to a product offer. The information is available in just a day or, two, rather than the month it took with multiple databases.
Automated marketing campaign software identifies customers best suited to receive a particular offer, determines the best medium to reach them, and gathers data on campaign responses. By taking over much of the campaign execution, the software gives marketing managers more time for planning and evaluating campaigns and creating more effective strategies. They know what offers did well and the return on investment for the campaign and can allocate marketing dollars to the most profitable customer and prospect segments. "You set the rules and you take your hands off and measure results." says Todd Thompson, vice president of corporate marketing. "Once you set it up, the technology just makes it happens."

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